I am not surprised. If you read the press release carefully, the company already gives hint to why there
is this stock offering.

"XOMA Corporation (Nasdaq:XOMA), a leader in the discovery and development of antibody therapeutics, announced the Company will host a webcast conference call on Wednesday, November 7, 2012 at 4:30 p.m. Eastern time to discuss third quarter 2012 financial results and its plans to further expand the Company's clinical pipeline."

It clearly states that the fund is to "further expand" the Company's clinical pipeline. I believe the
company's November corporate release, which is due up in the next few days, will provide us with more detail of this expansion.

This is the guy Baker Bros. put on the Xoma board. I guess he could have blocked the Baker buy if he didn't feel good about the prospects. Impressive credentials.

Dr. Kelvin Neu, M.D. serves as an Associate of Baker Bros. Advisors, LLC. Dr. Neu was trained as a physician-scientist. He has been a Director of XOMA Corporation since July 19, 2012. Dr. Neu serves as a Director of Baker Bros. Advisors, LLC. Dr. Neu served as a Director of Anormed Inc. since April 21, 2006 and diaDexus, Inc. since December 2005. He spent three years in the Immunology Ph.D. program at Stanford University. Dr. Neu holds an M.D. from Harvard Medical School and the Harvard-MIT Division of Health Sciences and Technology. Dr. Neu also holds an A.B. (Summa Cum Laude) in Molecular Biology from Princeton University.

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